Group 1 - The core viewpoint of the articles highlights that Xinhua Insurance is significantly increasing its cash dividends for 2024, with a total proposed cash dividend of RMB 78.93 billion, representing a 197.6% increase compared to 2023 [1] - Xinhua Insurance's strong dividend payout is attributed to its high-quality development and its role as a "patient capital" investor, supporting long-term value investments [1] - The company is actively participating in major national projects, leveraging its advantages as a state-controlled insurance company to support green investments and significant regional strategies [1] Group 2 - Xinhua Insurance maintains a balanced approach to asset allocation for its dividend insurance products, focusing on risk and return optimization while ensuring asset-liability matching [2] - The company has achieved a long-term average total investment return rate of 5.1% from 2015 to 2024, with a year-to-date annualized return of 5.7% for the first quarter of 2025 [2] - In addition to investment performance, Xinhua Insurance is enhancing its service offerings for dividend insurance products, including overseas medical assistance and themed salons, to create a comprehensive "insurance + service" ecosystem [2] Group 3 - Since 2025, Xinhua Insurance has strengthened its supply of dividend insurance products, introducing competitive offerings such as the "Shengshi Glory Zhiwin" whole life insurance and "Shengshi Anying" pension annuity insurance [2] - The company emphasizes the integration of lifelong annuities and pension products into personal pension plans, highlighting their roles in wealth management and retirement planning [2] - Xinhua Insurance is diversifying its product portfolio by combining universal life insurance and term life insurance with high-value products to meet customers' needs for wealth appreciation and well-being [2]

购买《保险新时代2024》 财政部、税务总局：恢复征收国债等利息收入增值税 8月1日，财政部、国家税务总局联合发布公告称，自8月8日起，对在该日期之后（含当日）新发行的国 债、地方政府债券、金融债券的利息收入，恢复征收增值税。根据公告，对8月8日之前已发行的国债、 地方政府债券、金融债券（包含在8月8日之后续发行的部分）的利息收入，继续免征增值税直至债券到 期。 央行等七部门：鼓励险资为先进制造业提供长期稳定资金支持 8月5日，央行、工信部、发改委、财政部、国家金融监管总局、证监会、国家外汇局联合印发《关于金 融支持新型工业化的指导意见》。其中提到，鼓励保险机构在风险可控、商业自愿前提下，通过股权、 债券、私募基金、融资租赁等形式，为先进制造业发展提供长期稳定资金支持。支持保险机构与中试机 构合作创新型保险业务。引导金融机构运用保险等多样化工具，为重点产业链链主企业和重要配套企业 提供综合金融服务。推动保险公司等长线资金在风险可控的前提下，重点围绕未来制造、未来信息等方 向，加快布局未来产业。进一步扩大出口信用保险和外贸领域信贷投放。 国家金融监管总局副局长丛林：保险业要做到能赔快赔、应赔尽赔、合理预赔 近日 ...

证券研究报告 保险Ⅱ 行业点评报告 hyzqdatemark 2025 年 08 月 05 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 联系人 板块表现： 短期测算对利润影响在 1%以内，长期或可通过资产配置转向高股息来对冲 投资评级： 看好（维持） ——财税新政策对保险公司净利润影响点评 投资要点： 事件：7 月 31 日，财政部和税务总局发布公告，宣布自 2025 年 8 月 8 日起，对在该日 期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。 对在该日期之前已发行的国债、地方政府债券、金融债券（包含在 2025 年 8 月 8 日之后 续发行的部分）的利息收入，继续免征增值税直至债券到期。 点评： 1、过往保险机构持有国债、地方政府债同时享有所得税和增值税双重免税优惠，考虑到 企业所得税 25%的税率远大于金融服务增值税 6%的税率，因此在所得税继续免征的情况 下，我们预计对险资当前的实际营收和利润影响是有限的； 2、本次恢复征收增值税后，保险机构将支付持有的 8 月 8 日之后新发上述三类债券利息 ...

FF301 第 1 頁 共 10 頁 本月底法定/註冊股本總額: RMB 3,119,546,600 | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601336 | 説明 | 於上海証券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,085,439,340 RMB | | 1 RMB | | 2,085,439,340 | | 增加 / 減少 (-) | | | | | IRMB | | | | 本月底結存 | | | 2,085,439,340 RMB | | 1 RMB | | 2,085,439,340 | | 1. 股份分類 | 普通股 | 股份類別 | 1 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 2. ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The brokerage sector is experiencing high growth in performance as indicated by preliminary reports, with increasing allocation value. The insurance sector is also expected to see a rise in new business value driven by an increase in value ratios. The equity market continues to rise, leading to favorable expectations for investment returns and profit growth. Current valuations imply a pessimistic long-term investment outlook, but the report considers current valuations to be safe, given the medium to long-term interest rate spread levels [2][4] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which have clear advantages in business models and market positions. Additionally, it suggests focusing on New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Summary by Sections Industry Overview - The non-bank financial index decreased by 2.4% this week, with a relative excess return of -0.6% compared to the CSI 300, ranking 22 out of 31 industries. Year-to-date, the non-bank financial index is up by 4.0%, with a relative excess return of +1.0%, also ranking 21 out of 31 [5] - The market has seen a decline in activity, with an average daily trading volume of 18,096.34 billion yuan, down 2.11% week-on-week, and an average turnover rate of 2.12%, down 2.50 basis points [5] Brokerage Sector - The brokerage sector's performance has been weak overall, with the securities sector down 3.1% this week. The report highlights that the average daily trading volume and turnover rate are above the 2024 averages, indicating a gradual recovery in brokerage business profitability [17][39] - Margin financing balances have increased to 1.98 trillion yuan, up 2.21% week-on-week, indicating a recovery in credit business [46] Investment Business - The equity market has seen an overall decline, with the CSI 300 index down 1.75% and the ChiNext index down 0.74%. The report notes that the proportion of equity investments in brokerage assets is approximately 10%-30%, while bond investments account for 70%-90% [43][44] Insurance Sector - The insurance industry reported a cumulative premium income of 37,350 billion yuan in June 2025, reflecting a year-on-year increase of 5.31%. The report indicates that the premium income from property insurance was 9,645 billion yuan, up 5.10%, while life insurance income was 27,705 billion yuan, up 5.38% [21][22] - The total assets of the insurance industry reached 39.22 trillion yuan as of June 2025, with a quarter-on-quarter increase of 2.08% [26][27]

非银行业周报 20250803 回调之后，积极布局非银板块 2025 年 08 月 03 日 ➢ 国债等债券利息重新开始征收增值税，预计对险企影响有限，投资端未来"免 税资产+高股息"策略或持续得到重视。2025 年 8 月 1 日，财政部发布《关于 国债等债券利息收入增值税政策的公告》（财政部 税务总局公告 2025 年第 4 号，以下简称《公告》），自 2025 年 8 月 8 日起，对在该日期之后（含当日） 新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。短期来 看，由于相关券种"新老划断"，老券有一定的溢价优势，同时公司债、信用债 等配置性价比相对提升，保险在完成预定利率下调的情况下，固收投资的压力有 所缓解，本次重征部分债券利息的增值税，我们认为对于险企固收投资收益率影 响有限。 ➢ 从险资的配置端来看，我们认为由于负债端的特性，整体投资风格"固收+" 的模式不会发生变化，但长端利率中枢下行背景下，净投资收益或持续承压，未 来股息和长股投分红对于净投资收益的贡献占比有望持续提升，鼓励保险作为中 长期资金入市的情况下，长期来看，权益配置有望持续提升，权益投资或更加重 视"绝对收益来源" ...

Core Points - Xinhua Insurance (601336) closed at 65.1 yuan on August 1, 2025, up 2.05% from last week's 63.79 yuan [1] - The stock reached a nearly one-year high of 68.68 yuan on July 30, 2025, with a weekly low of 63.5 yuan on July 28, 2025 [1] - The company's current market capitalization is 203.08 billion yuan, ranking 5th in the insurance sector and 60th among 5149 A-shares [1] Company Announcements - Xinhua Insurance announced a cash dividend of 1.99 yuan per share, to be distributed on August 8, 2025 [1] - The dividend distribution is based on a total share capital of 3,119,546,600 shares, amounting to a total cash dividend payout of 6.21 billion yuan [1] - The dividend plan was approved at the annual general meeting held on June 27, 2025 [1] - The tax implications for individual shareholders vary based on the holding period, with a 20% tax for holdings under one month, 10% for holdings between one month and one year, and no tax for holdings over one year [1] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 1.791 yuan per share [1]

北京商报讯（记者 李秀梅）8月1日，新华人寿保险股份有限公司（以下简称"新华保险"）发布2024年年度权益分派实施公告。新华保险宣 布，将以总股本31.20亿股为基数，向全体A股股东每股派发现金红利1.99元（含税），合计派发红利总额达62.08亿元。 | 股份类别 | 股权登记日 | 最后交易日 | 除权(息)日 现金红利发放日 | | --- | --- | --- | --- | | A 股 | 2025/8/7 | | 2025/8/8 2025/8/8 | 图片来源：新华保险公告 ...

Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]